ACRA Modelling Day - 2018

ACRA assigns AA(RU) to RU000A0ZYWB3 bond and affirms AA(RU) for XS1567117566 Eurobond both issued by JSC “ALFA-BANK”

Credit rating rationale. The issues represents senior unsecured debt of JSC “ALFA-BANK” (hereinafter, Alfa Bank, or the Bank). Due to the absence of either structural or contractual subordination of the issues, ACRA regards them as pari passu to other existing and future unsecured and unsubordinated debt obligations of the Bank. According to the ACRA methodology, the credit rating of the issues is equivalent to that of the Bank, i.e. AA(RU).

The credit rating of Alfa Bank is based on its strong and stable business profile, adequate capital adequacy position as well as satisfactory risk profile assessment. The rating is additionally supported by moderate systemic importance of the Bank for the Russian financial market.

Key issue properties of RU000A0ZYWB3 bond

Borrower

JSC “ALFA-BANK”

Issuer’s credit rating

AА(RU), outlook Stable

Actual issuer

JSC “ALFA-BANK”

Type of security

Exchange-traded interest-bearing certified unregistered bond, BО-39

Issue volume

RUB 10 bln

ISIN

RU000A0ZYWB3

Final placement date

March 6, 2018

Maturity date

March 17, 2033

 

Key issue properties of XS1567117566 bond

Borrower

JSC “ALFA-BANK”

Issuer’s credit rating

AА(RU), outlook Stable

Actual issuer

Alfa Bond Issuance Plc

Type of security

Eurobonds (LPN)

Issue volume

RUB 10 bln

ISIN

XS1567117566

Final placement date

February 16, 2017

Maturity date

February 16, 2022

 

Regulatory disclosure

The credit ratings have been assigned under the national scale for the Russian Federation and are based on the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments under the National Scale of the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency Within the Scope of Its Rating Activities.

The credit rating of Eurobonds (ISIN XS1648266788) issued by JSC “ALFA-BANK” (actual issuer: Alfa Bond Issuance Plc) was published on February 17, 2017 for the first time. A credit rating has been assigned to BO-39 series bond issued by JSC “ALFA-BANK” for the first time. The credit ratings are expected to be revised within one year following the rating action date (March 5, 2018).

The assigned credit rating is based on the data provided by JSC “ALFA-BANK”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited, and JSC “ALFA-BANK” participated in its assignment.

No material discrepancies between the provided information and the data officially disclosed by JSC “ALFA-BANK” in its financial statements have been discovered.

ACRA provided additional services to JSC “ALFA-BANK”. No conflicts of interest were discovered in the course of credit rating assignment.

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